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Financials · MBWM

Mercantile Bank Corporation (MBWM) financials

For the twelve months ended Sep 30, 2026, Mercantile Bank Corporation reported $271.62M of revenue and $95.52M of net income.

Revenue, TTM
$271.62M
Revenue growth, YoY
+13.6%
Net income, TTM
$95.52M
Net income growth, YoY
+11.7%
Net margin
35.2%
P/E
11.15
P/S
3.92
Market cap
$1.07B
Annual revenue$242.65M
FY2016FY2025
Annual net income$88.75M
FY2016FY2025

MBWM revenue and earnings growth

MBWM revenueQ3 2026$73.20M

Quarter YoY
+17.3%
QoQ
+6.5%
FY YoY
+4.8%
5Y CAGR
+7.7%
10Y CAGR
+7.5%

MBWM revenue was $73.20M in fiscal Q3 2026 (ended Sep 30, 2026), up 17.3% from a year earlier and up 6.5% from the prior quarter. For the full fiscal 2025 it was $242.65M, up 4.8% from fiscal 2024. Compound annual growth was +7.7% over 5 years and +7.5% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MBWM net incomeQ3 2026$24.07M

Quarter YoY
+1.3%
QoQ
-7.2%
FY YoY
+11.5%
5Y CAGR
+15.0%
10Y CAGR
+12.6%

MBWM net income was $24.07M in fiscal Q3 2026 (ended Sep 30, 2026), up 1.3% from a year earlier and down 7.2% from the prior quarter. For the full fiscal 2025 it was $88.75M, up 11.5% from fiscal 2024. Compound annual growth was +15.0% over 5 years and +12.6% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MBWM EPSQ3 2026$1.39

Quarter YoY
-4.8%
QoQ
-7.3%
FY YoY
+11.0%
5Y CAGR
+15.1%
10Y CAGR
+12.9%

MBWM diluted EPS was $1.39 in fiscal Q3 2026 (ended Sep 30, 2026), down 4.8% from a year earlier and down 7.3% from the prior quarter. For the full fiscal 2025 it was $5.47, up 11.0% from fiscal 2024. Compound annual growth was +15.1% over 5 years and +12.9% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$242.65M$231.47M$225.69M$190.32M$180.28M$167.42M$151.49M$139.09M$128.75M$126.91M
Interest expense--$77.81M$23.59M$19.43M$26.07M$33.80M$21.90M$15.79M$12.59M
Pre-tax income$103.49M$98.29M$102.70M$75.79M$73.72M$54.85M$60.46M$51.82M$46.08M$46.89M
Income tax$14.74M$18.69M$20.48M$14.73M$14.70M$10.71M$11.00M$9.80M$14.81M$14.97M
Net income$88.75M$79.59M$82.22M$61.06M$59.02M$44.14M$49.46M$42.02M$31.27M$31.91M
EPS, basic$5.47$4.93$5.13$3.85$3.69$2.71$3.01$2.53$1.90$1.96
EPS, diluted$5.47$4.93$5.13$3.85$3.69$2.71$3.01$2.53$1.90$1.96
Diluted shares-16.1M16.0M15.9M16.0M16.3M16.4M16.6M16.5M16.3M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Goodwill$72.66M$49.47M$49.47M$49.47M$49.47M$49.47M$49.47M$49.47M$49.47M$49.47M
Total assets$6.84B$6.05B$5.35B$4.87B$5.26B$4.44B$3.63B$3.36B$3.29B$3.08B
Total liabilities$6.11B$5.47B$4.83B$4.43B$4.80B$4.00B$3.22B$2.99B$2.92B$2.74B
Shareholders' equity$724.88M$584.53M$522.14M$441.41M$456.56M$441.55M$416.56M$375.25M$365.87M$340.81M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$17.97M$101.12M$66.61M$119.86M$64.57M$37.88M$44.77M$61.74M$38.66M$34.60M
Investing cash flow-$105.70M-$425.44M-$395.93M-$555.00M-$495.51M-$398.81M-$92.84M-$210.48M-$191.47M-$96.56M
Financing cash flow$168.04M$586.79M$363.08M-$443.25M$780.09M$753.20M$206.45M$24.00M$169.31M$155.66M
Dividends paid$23.95M$22.47M$21.00M$19.60M$18.52M$17.93M$17.11M$27.50M$12.05M$18.73M
Share repurchases--$0$0$21.38M$6.59M$7.18M$5.94M$0$3.73M
Stock-based compensation$3.47M$3.32M$3.38M$3.38M$3.78M$2.33M$2.93M$2.41M$1.98M$1.46M
Depreciation and amortization$5.80M$10.51M$11.50M$12.95M$13.68M$9.43M$9.55M$9.77M$10.36M$9.58M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY4.8%2.6%18.6%5.6%7.7%10.5%8.9%8.0%1.5%8.3%
Net income growth, YoY11.5%-3.2%34.6%3.5%33.7%-10.8%17.7%34.4%-2.0%18.1%
EPS growth, YoY11.0%-3.9%33.2%4.3%36.2%-10.0%19.0%33.2%-3.1%21.0%
Net margin36.6%34.4%36.4%32.1%32.7%26.4%32.6%30.2%24.3%25.1%
Return on equity12.2%13.6%15.7%13.8%12.9%10.0%11.9%11.2%8.5%9.4%
Return on assets1.3%1.3%1.5%1.3%1.1%1.0%1.4%1.2%1.0%1.0%

Source: XBRL data Mercantile Bank Corporation files with the SEC, latest filing dated Oct 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MBWM peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MBWM$271.62M+13.6%$95.52M35.2%$1.07B
JPM$203.15B+13.2%$65.98B32.5%$908.43B
BAC$120.16B+5.4%$32.24B26.8%$348.81B
WFC$87.23B+5.4%$22.97B26.3%$256.63B
C$85.22B+5.6%$14.31B16.8%$201.89B
UBS$49.57B+2.0%$7.80B15.7%$151.93B
MFG¥8.79T+7.6%¥1.16T13.2%$122.19B
COF$63.01B+31.2%$10.87B17.2%$119.45B
BNSC$37.74B+12.1%C$7.79B20.6%$114.51B

MBWM FAQ

5 questions
  • What is MBWM revenue?
    Mercantile Bank Corporation (MBWM) reported $271.62M of revenue for the twelve months ended Sep 30, 2026. That is up 13.6% from the year before. Revenue for fiscal 2025 was $242.65M.
  • Is MBWM profitable?
    Yes. Mercantile Bank Corporation earned $95.52M in net income for the twelve months ended Sep 30, 2026, a net margin of 35.2%.
  • How fast is MBWM revenue growing?
    Mercantile Bank Corporation's revenue changed +4.8% in fiscal 2025, to $242.65M. Its compound annual growth rate was +7.7% over 5 years and +7.5% over 10 years.
  • When did MBWM last report financial results?
    The latest statements here come from Mercantile Bank Corporation's 10-Q filed on Oct 30, 2026, covering the period ended Sep 30, 2026.
  • Where does this MBWM financial data come from?
    Quantisnow builds these statements from the structured XBRL data Mercantile Bank Corporation files with the SEC. It is provided for information only and is not investment advice.